in rural areas. that will allow them to drink two or three beers and then drive home. one councilman who happens to also be a homeowner defended by saying it will prevent loneliness and reduce the number of suicides. i can't believe he is saying that it is better to go out and drive drunk because of your forced to stay home and can drink and drive your going to kill yourself. >> is that unbelievable? pains me. is this for real? could you ever imagine something like this? it would have to take ireland. >> you know, there are so many irish tricking jokes that i went into the web and actually searched to see whether this was a joke a first because i did not believe it. howdy reduce suicides? make illegal to drive drunk. it's great. i love it. melissa: a joke? >> no. >> listen. and spilling my beer. let me watch it a little bit. an open drink here in new york. melissa: the reasoning was, you

know, it's for all. no one has ever been killed by drunk driver, but if you're forced to stay home you may. >> i don't think it's going to pass a long run. there are enough people, even in ireland. melissa: we will keep an eye and it. thanks to both of you. that's all the "money" we have for you today. we will see you back here tomorrow if we don't freeze to death. "the willis report" is coming next. ♪ gerri: hello, everybody. i'm gerri willis. tonight on "the willis report", first paycheck goes down. now the cost of everything you buy could go up. starting this weekend we will take a look at a new credit card surcharge directly hitting your wallet. and after new york passed a sweeping new gun reform laws, the attorney general greg abbott is here to tell you norquist to move to the lone star state. they like guns there. plus, some of the top personal finance voices in the country altogether on this show. "the willis report" is on the

case. ♪ gerri: well, we will get all of that in just a second. first, our top story. it's about to cost a whole lot more to use a credit card instead of cash. a big settlement between retailers and credit card companies means stores will start charging you extra every time you swipe your credit card. and this all begin sunday. up until now, retailers' pay that surcharge or slight fee to the credit card companies directly. now stores will be allowed to pass the extra cost on the you, like a tax. up to 4 percent of the total cost of whenever you're buying. with us now, consumer education president, smart credit dot com. the president of optimum capital management. great to have you both year. al start with you. what do you make of this?

>> this is really bad news for consumers. we are already getting nickel-and-dimed to death, and we are about to get even worse. essentially, the fee that the market had -- merchant has to pay to exit the credit card, cone -- commonly called a slight fee, in the past they have not been able to charge a line-item extra cost to the consumer to cover that. starting this sunday will be allowed to. that is the bad news. they have already baked in that she in the price of the merchandise the you're buying. so now not only unable to charge a fee on top of what you're already purchasing, but essentially paying the fee to times over, and those of us to pay cash are really getting screwed because we're still paying the fee for people using credit cards. gerri: i want to show people some of the details. sunday, storms have to inform customers if you're an online merchant as well. debit and prepaid cards are exempt and that top limit is 4%. to you. i cannot imagine that this is a

good time for americans to face yet another fee. >> as he said, we are getting nickel-and-dimed to death. a lot of consumers are trying to live check to check. the problem that i have is legislation, i have always suggested individuals use credit cards in order to establish credit, use them to go unpaid. after seven days' pay off your bill. now you have to pay another 4% just to do so. over trying to say is, we have to be educated. we have to ask to see if there are charges, figure out whether it might be appropriate to use a card at a particular store or be mindful of different prices in different areas. gerri: i want to stay away from the store that is charging this and go to one that doesn't. let's talk a little bit about some lucky people out there. about ten states where this surcharge is going to be illegal. texas, new york, california, the three of the biggest. that is good news for some folks out there. but to you, look, to ryan's

point, credit cards, i no they're painted as the worst possible product ever, but the reality is consumers have certain protections and the use a credit card. >> the fair credit billing act. credit cards could demonized completely inappropriately and extremely unfair. you have an amazing protections under the fair credit billing act when you use a credit card. primarily fraud. if i steal your card and use it without your permission, your liability is capped at $50 because of that act, and most issuers one even charging that because they wanted to be as a customer. you can see this and things of data cards or especially the worst of all, the prepaid debit card. it's almost like what they're doing is moving us in to check me. regardless of a move we end up making, whether it's prepaid debit, debit, credit, or cash even command going to end up costing us more. there are eliminating our trap door so that we can actually save money by choosing how we

choose to pay for things. gerri: and i know you agree when you look at this issue and people just trying to make ends meet, particularly how can you be the rapture? what can you do if you want to get around this? what are you telling your clients? >> on a free-market guy as much as everyone else and i believe the stores have the right to judge material a shrek of coffee if they want to, but the consumer is also part of the free-market and you have the right to say to measure our to charge me a strike could take my business elsewhere. that's why i think a lot of retailers will end up sank away might not be prudent to charge additional fees. if i keep continuing to lose consumers because we have a voice. gerri: this reminds me of the fuel surcharge. remember that? airlines started adding that in. wasn't that always part of the cost equation for airlines? they had to pay for fuel. all of a sudden, here's a line item on your bill, fuel surcharge. this is exactly like this. as you made the point, at the

end of the day this is already being paid for. this is just a way to squeeze another few nickel-and-dimed of people who, frankly, don't want to pay. >> it's like the baggage fee or the palo feel of the blanket fee or the food fee on an airline. it's just another way to figure out how to further modernize the consumer. you have another choice. if you go to where you normally shop and a charging that one or 2 percent and it really ticks you off and it's worth it for you to drive a little bit further down the street, then drive a little bit further down the street and make your voice heard. if at -- unfortunately, i think consumers are lazy and will look at the fee and say, i was another $0.8. is that going to kill me. and that's a very dangerous mind-set. in aggregate, that equals hundreds of millions of dollars undergoing. gerri: at tie you exactly what it will equal, $25 billion ultimately because that is where the revenue comes out of the system.

this court decision that came out on this very topic. but i may have located away end of this problem for some of our viewers. american express has its own agreements and is not part of this lawsuit. it has its own agreements with retailers. here's what it told me. it is not customer friendly, not a customer friendly practice for a merchant to attract a customer to its door or webster out. now, amex has a special agreement with retailers. they -- consumers can see their costs on a bow out. if democrats don't go out and in this case, the court was very clear in saying that debit cards cannot be a part of this. so i think that the people using amex cards may not see this become so that may be one way and it. >> the challenges that they are a very exclusive credit card issuer. they do not have a sub prime

product. you have to have really good credit. what they are charged, they all charge annual fees because they don't allow you to recall that there is no interest income. gerri: al-anon revolving. of not revolving. is the only thing that keeps me of trouble. to you. i'm wondering about the impact on credit cards. he talked about how you like credit cards to build credit. does this mean some of the benefits that they then use for other things, our people not going to participate? >> the 2009, a lot of individuals but the rewards would go away. on both sides with a credit card company is obviously still trying to make money, but the consumer now has an opportunity to set to further educate myself

on exactly how the struggle be used, what the car will cost me and what i've to do to navigate the process of all these additional fees so this is the time that we have to educate ourselves of every single dollar coming in our pocketbook. gerri: anyway a fight back? >> i say walk away. be mindful. using sites that allow us to use coupons, we don't use coupons as much as we used to. $7,200 a month by using coupons, and just knowing the different prices in your area. this is -- we are not victims of this. we can control this by just understanding, if you're right to a charge a store i can go and save a whole lot. gerri: we are here. how can you protect yourself? >> i want to make a point. we didn't ups -- ask for this. consumers -- there was no occupy wall street movement marching on the retailer saying that said, no more swipe piece.

we never asked for this. this was put upon us because of the greediness of not only in the works but the retailers. as usual, the consumer, the little consumer drives this pagoda is caught in between. now trying to figure out a white and not have to pay its 31 and 4 percent more for the things we have to buy every single day. gerri: comes up or thumbs down for this day. i want to see both of you. gerri: i have a different figure that i would like to use. gerri: stop that. all right. thank you for coming out tonight. getting a straight talk. that is exactly what we needed. all right. a totally different topic more changes had to the president's second term of ministration. president obama nominated former u.s. attorney mary jo white to head securities and exchange commission. obama's says she will go after irresponsible behavior in the financial and industry. >> you don't want to mess with

mary jo. as one former sec chairman said to mary jo does not intimidate easily. that is important because she has a big job ahead for. gerri: i guess you will see. obama is also renominating richard cordray as the head of the consumer financial protection bureau. the president used to reset a point of last year to go around congress. that is something he is fond of doing. his appointment expires at the end of this year. more to come this hour, including the program that congress just can't seem to cut no matter how hard they try. next may 5-year high for the s&p and a five-year low for jobless claims. this recovery starting to finally take hold? all ask some economists. there he is right there. ♪

hey, buddy? oh, hey, flo. you want to see something cool? snapshot, from progressive. my insurance company told me not to talk to people like you. you always do what they tell you? no... try it, and see what your good driving can save you.

you don't even have to switch. unless you're scared. i'm not scared, it's... you know we can still see you. no, you can't. pretty sure we can... try snapshot today -- no pressure.

♪ gerri: a fox business alert for you now. the uneventful day on wall street. the news is good and bad. first the good news. adelle of 46 points today as the index is fast approaching 14,000 to this is fantastic. it's less than 340 points away from its all-time high. the s&p 500 to the trading above 1500 for the first time since december 2007. think about that. but it closed down two points thanks to these guys. who would've thought that apple would have been the big downer on the market. iphone sales hitting a plateau and no new products to introduce. apple said sales would likely increase just 7% in the current quarter. that's not good news. as serious letdown for company regularly posting rates above 50%. the stock sank more than 12 percent today, the worst for them since 2008.

at one point slipping into the number two spot on the list of the world's most valuable companies. hey, it was a different story for fellow textile netflix. the biggest one day gain since the video subscription service went public. and one other reasons for the jump on the dow today was the drop in jobless claims. while that is good news, markets and the economy have another big headache. it's called washington. with me now, harvard economist jeffrey myron. good to see you. as always, let's start with these weekly jobless claims. it's getting some attention, some bus. they were down 5,000 to 330,000. that is the lowest level in, i believe, two years. pretty impressive. is this a trend? >> at think it probably is. i think we will see gradual and continual improvement in the jobless numbers. it will gradually see some improvement in the unemployment rate. and don't think it's going to be really fast. of the car going to see overall growth in gdp really speed up.

everything seems to suggest we will muddle along. we have had for the last three years of so. better than recession, but not nearly as fast as we have normally expected. gerri: well, as part of it due to washington because they cannot seem to solve any of the problems in front of them, whether it is sequestration on the debt ceiling? >> i certainly think that washington policies play a big role. i think that the economy is worried that the level of taxation is going to have to go of unless we make significant reform to entitlements. at the loss of the country is worried we will get a lot more regulation in various forms. a second term obama administration. and that the emphasis is going to be on redistribution, not on trying to choose policies which help promote of fast growth rate gerri: redistribution. >> in my judgment that's why. gerri: congressman paul ryan who is famous for coming up with budgets that people the reject because he is trying to save money and not redistribute was

out today with -- east china with his own budget and a few weeks, which is actually going to get rid of the deficit and to ensure order. his previous budgets and and then 30 years, this would do it in about ten. here's what he had to say. the house will not consider another debt ceiling increase unless the senate passes a budget the reader not going to keep raising the debt ceiling at indicating that there will be steep cuts said. what is the chance of that? >> well, i hope the is right, but i fear he is wrong. i think that the current mood of the country is more sympathetic to the president and the democrats' perspective, which is that we don't really have a serious spending problem. we have a minor spending problem we can do with a little bit. we can raise taxes on high-income households a little bit more and we don't have to make fundamental cuts in entitlements. i think that's wrong. i think we have to make substantial cuts in entitlements. we should make substantial cuts in many other components of expenditure as well, defense and

nondefense in that trying to address our long term fiscal situation with higher taxes is is going to destroy the economy. gerri: democrats are beating the drum on this already. anyone you listen to from that side of the house is really talking about higher taxes. republicans and conservatives in general like to talk about the power of economic growth. could robust growth that a lot of people think they're beginning to see the signs of, could that keep us from having to cut entitlements, for having to cut social security, medicare, medicaid. is there a chance looking rory on a problem? >> i don't think there is every chance of growing iran of the problem. faster growth helps. we can get back to 39% from that is a big benefit. if you look at the projections that the ceo has been doing for the blast decade, they assume we're going to get back to normal 3 percent per year growth and yet they still show an exploding debt.

so faster growth is not enough. you absolutely have to, in my judgment, based on existing numbers and entitlements and you have to cut the lot. no one wants to hear that, and that's why we don't seem to be able to solve the. gerri: in my view we have made too many promises to too many people will have to cut back a little bit. thank you for coming on. gerri: coming up later, reaction to new legislation banning assault weapons. next, cutting spending in washington is harder than you think. all tell you about a program so inconsequential nobody in congress or even the president seems to cut it. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to.

plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everi'm with scottrade. me. (announcer) scottrade. awarded five-stars from smartmoney magazine. [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts...

♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. gerri: it is government spending that just won't die. albrecht on a little-known program that congress can't seem to cut in 60 seconds. ♪

♪ gerri: when it comes to cutting the purse strings, nobody, nobody is worst in congress. i mean nobody. case in point, an obscure program called the christopher columbus foundation, the program offering cash reward for research in the fields of agricultural science and biology. even runs a competition for middle schoolers to use science to solve local problems. they send the kids, the winners to walt disney will for a week. sounds nice except for the fact that there are other federal programs that do the exact same thing like one run by the army that rewards innovative metals coolest with a trip to washington. look, not only is the program redundant and something probably last to the private sector, but it is the government's spending no licking killed.

have tried to get rid of the 450,000 of program, but nobody can make it happen. three republicans have introduced legislation to end it , no dice. even the president has tried to end it. in his official budget proposal back in 2009 and obama said, the foundation has not demonstrated clear out comes. you know what that means. the program is not having much of an impact. in all there have been seven different efforts tax the program just since obama took office. yet it lives, like the mold on saturday's dinner in your refrigerator, it just goes on and on and on. congressional, the program is in budget which is like something in congress. once you're in your assumed to stay and apparently the program is too small to worry about. it is more important as a bargaining tool in budget negotiations than to make the hard choices we really need to make. it was not supposed to be this way. when a congressman, democrat

from illinois proposed the program he said it will be at no cost. he had a plan to sell specifically specially minted coins to fund the program. failed. don't get me wrong. announcing this is a ridiculous program or the middle school students should simply fan for themselves. apologies to the three employees who work there. but jen saying is we have nearly 16 half trillion dollars in federal debt, a debt load per american to more than 52,000. if congress can't find the backbone to stamina or the gumption to get rid of this little esoteric christopher columbus program, how will it ever come to terms with the bigger adams? crazy. coming up next, texas attorney general gregory abbott is here with a message for new yorkers with guns and women finally getting the respect they deserve on the battlefield. fighting in the front lines. i will give you my thoughts and get yours after the break. ♪

[ slap! ] [ male announcer ] your favorite foods fighting you? fight back fast with tums. calcium-rich tums starts working so fast you'll forget you h heartburn. ♪ tum tum tum tum tums let's say you pay your guy around 2% to manage your money. that's not much you think. except it's 2% every year. does that make a difference? search "cost of financial advisors" ouch. over time it really adds up. then go to e-trade and find out how much our advice costs. spoiler alert: it's low. really? yes, really. e-trade offers investment advice and guidance from dedicated, professional financial consultants. it's guidance on your terms, not ours. that's how our system works. e-trade. less for us. more for you.

♪ >> from the fox business studios in new york city, it's "the willis report." gerri: today is a banner day for women in the military. u.s. military leaders formally lifting the ban on women serving in combat positions overturning a 1994 rule. >> which cater to all of us that women are contributing in unprecedented ways for the military's mission in defending the nation. they are serving in a growing number of critical roles on and off the battlefield. they have become an integral

part of our ability to perform our mission. >> that's right, and the change would open up 230,000 front-line positions to women. also would make a promotion to delete command of jobs more likely. i say it's about time. women already make up nearly 15 percent of our active armed forces and have increasingly found themselves in combat situations already. lines of fighting are often blurred in 21st century warfare, and more than 130 women have already given the ultimate sacrifice. they make up more than 11% of veterans of these wars. well, despite all this, the 1994 ban lead to women being only 60 percent of active officers. these officers not only give more respect but higher pay and better benefits. outgoing defense secretary leon panetta is giving the military three years to seek special exceptions if they believe any

positions must remain closed to women. i say equal is equal. if they're brave enough, capable enough, smart enough they should be allowed to serve right along with the brave men in our military. that's what i think. now we want to know what you think. here's our question. should women serve in combat? log on to gerriwillis.com, but on the right hand side of the screen and all share results at the end of the show. from the battle line to a battle brewing over and control, a new campaign ad is urging new york gun owners to move telstar state. joining me now, the man behind the ad, greg gabba, texas attorney general. welcome to the show. great to have you. you have to tell us, what did you put these ads that? >> well, good to be back. but used a very good phrase. there is a battle brewing. this is part of a larger battle brewing in this country for the appropriate pathway for government. this is one way that texas is distinguishing our belief in the philosophy of government from

the state of new york. here we have a limitation on liberty imposed by the governor of new york trying to limit people's second amendment rights, but this is part of a larger picture. in new york qc greater limitations on government, higher taxes, fewer jobs. more regulations whereas in texas we have no income tax, fewer regulations, more growth and economic opporunity and more jobs. think about this. there was a store that came out in forbeses week showing that the top three cities in the entire country for population growth of right here in texas. no accident, no mistake. gerri: great ad. well done. no one to show people the gun as because they're pretty funny actually. one says wanted, law-abiding new york gun owners looking for lower taxes and greater opportunity. the other one says, is governor cuomo looking to take your guns? it goes on to say, sick of the media adding law-abiding gun owners?

seeking to lower taxes? each of these ants advocating for new yorkers to move to texas. as you point out, the unemployment rate is lower there. i guess what i remember is that when your governor was running for office, the top office in the land, he would make the point that taxes alone accounted for one-third of the job growth during the recession. and that's really astonishing. one state, 33 percent of the job growth could during those years. it's just astonishing. but i think that you might be sticking your finger in the eye of the big apple just a little bit. tell me, you thought this was sort of funny to do this. right? >> well, it was a good-natured way to make a deeper point, both in contrast to new york but also as well as california. like all the large states, and we believe that the texas model is the better model of government for all large states and, frankly, we think for the

united states of america that is one of low taxes, less government, less regulation. gerri: he said that before. less talk about guns. not going to defend the york. senate democrats introducing legislation on gun control. i want to show you a few of the details. it bans 158 semiautomatic weapons, the magazines holding more than ten rounds of ammunition requiring background checks, expensive ones from firearms purchases. what's wrong with it? >> there are two things wrong with it. one is, i believe it violates the constitution. as the attorney general of texas, filed a brief on behalf of more than 30 states in to united states supreme court cases, one the heller gerri willis d.c. and the other case in chicago where the united states supreme court made clear there is in the second amendment individual right to keep and bear arms that i believe that feinstein bill would infringe upon, but more importantly, the fact of what we really try to solve? we want to make our schools

safer. has been proven that assault weapon ban is like this do not make schools safer. look at what happened in columbine, colorado. gerri: a knee-jerk reaction. >> it absolutely is a knee-jerk reaction. the assault in columbine occurred when the weapon ban was in place. also, the obama administration pointed out themselves that the shooting in connecticut could not have been prevented from a band like this in place. gerri: we have a long way to go on the story. i think there may be more state trying to do what new york is doing, but thank you for coming on. appreciate your time. thank you so much. >> thank you. gerri: and when we come back, we have our personal finance panel. you're going to want to see this. the answer your questions and the tragedy in the town's parking meter reactions across the country for new laws. next, the star of our recently canceled reality show on guns and owner of gunsmoke guns joins me to give us his take. ♪ what's next?

he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied in body hair or increaseduberty acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts;

problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. see your doctor, and for a 30-day free trial, go to axiron.com. nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my...

this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. ♪ gerri: is the pressure for gun-control leading to too harsh and swift reaction this? american guns, reality show about a family of gun sellers with canceled days after the new town tragedy. with more, owner of gunsmoke guns and former star of american dance. welcome to the show. you know, the skyline behind you is beautiful. one test you about the cancellation of your show because this happened, as i just said, just three days after any town. in your ratings had been good. you had been around for more than one season. third season coming of. it was a knee-jerk reaction by

they're reacting to the tab? >> well, you know, there are so many things involved in these decisions, and it's levels far above my head, but the discovery channel put us on tv, and we appreciate that. did a lot of good things for america, happy there. is not too late. we may come back. hopefully everyone will get their fathers unruffled and they will realize that guns are just tools and not things that cause anything to happen. gerri: you know, not everyone agrees with you. obviously the president himself has a gun control plan. here's what it includes. universal background checks, banning certain automatic and semiautomatic rifles, requiring a 10-run lead on ammunition magazines and $2 million for gun violence research. is this the right thing to do in your view? >> this is the dumbest thing and never heard of. in 94 plants and put this band, and by their own admission, even joe biden said this will stop the situation.

when the president or the governor of the state gets threatened, they don't pass laws, they bring in highly qualified arms people to protect them. and if we want to protect our children, let's take all the money away from protecting the politicians who, by the way, just to be a politician. gerri: come on. you have to protect the president. you can't remove the secret service. >> why? gerri: for goodness sakes, there are all kinds of people out there, crazy lens to want to get him. as just -- that silly. >> no, it's not. here's the thing, our kids did not choose to be in a violent situation. they keep getting placed in there. we need to protect our children. i just think -- gerri: i don't have any beef with you saying that we have to protect our kids. at think that's absolutely right. no doubt about that kind would not argue with your having guns. and just wondering if you think that what is going on in this country is an overreaction and the kind of reaction that means that at the end of the day maybe

we do the wrong thing, maybe we ignore the real problem. is the real problem mental health in this country? is there something deeper that we should be looking at? >> you know, we have had these things happen. in 1929, that was the largest school massacre, and they did it with a bomb. so banning guns, that will never work. what we need to do is protect their kids, bring people into the schools to protect the kids. in colorado we have a lot. d'agata my daughter's school and the volunteers said the fraud and protect the school. but i'm by law not allowed to carry a gun to protect. what we needed somebody that will jump up and take action. the only way to stop these guys is with guns. never -- and gilligan of the cities that have the highest violent crime rates. they also, by chance, happen to have the worst and control laws. gerri: the reality is, violent crime is down in this country. >> of course is down. gerri: before laws are enacted, for you go, i want you to tell us what's going on in your

store. are more people buying guns? is this whole conversation meant that people in denver are seeking more guns, not fewer? >> the president is the number one gun sales now we have in the country. he sells more guns with the stroke of a pen than anybody else. someone talk about taking things away from americans, the more that the americans go out and buy them. we're blowing up. we can't get the guns to give them what they need an up-to-date. and it's a tragedy. the biggest thing i understand is, if you want to live in a country that does not have guns, there are many out there. why don't people just go there. america is again country. gerri: it's a huge debate in this country. thank you for coming on. come back sometime. we'd love to see you again. good luck in your show buccaneer >> thanks a lot. we have to be back soon. gerri: thank you. still to come, my "2 cents more" on california, once again bucking a national trend. next, looking out for you and your money was of the biggest

personal finance was is in the country answering some of your most asked questions coming of next. ♪ ♪

aww man. [ male announcer ] returns are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit usps.com pay, print, and have it picked up for free. any time of year. ♪ nice sweater. thank you. ♪ gerri: the answers to the biggest questions on personal finance hitting the airwaves coming up next. what you need to know to protect germany. ♪

♪ gerri: and now you want to know.

what is the biggest personal finance issue in the entire country right now? is it the roaring stock market, the housing market, both doing well, but what about jobs, the economy? starting in jeff flock of the country's best personal finance experts from tv and radio. lance roberts, host of street talk life, steve crowley, host of the american scene. well known to the national tv audience, the founder of finish rich. all start with you. you're right here. >> well, it's great to be here. the number one question, can it -- is it too late to get in the stock market? the market is basically doubled. at a five-year high. a lot of people missed. gerri: if you went out on the street and ask five people how the market is doing, they tell you, not so well. >> and that is what is absolutely amazing. we have just gone through four years of unprecedented this. if you have been in the market, but investing, your account is not an all-time high. i think a lot of people are waking up and going, i missed

it. is it too late. should i gain? gerri: this are no. quickly. >> all your money is in bonds, you don't take all your money and put it in stocks, but you have to have money in the market. gerri: to you. what are your viewers telling you? what do they care about? >> they're worried about their jobs. they're really worried about the economy going forward, and more importantly, they're worried about the issues coming down from washington in terms of the fiscal cliff, this testing debate issue where we are just kind of passport and the reality that we have to start dealing with that. and just a point about the stock market because here it is. and is not unprecedented. 100 percent moves in the markets many times, but don't forget, most investors are just getting back to even where there were five years ago. their lost five years of their retirement. the one thing we can give more of his time. investors have lost so much time gerri: haven't just lost time, confidence. i mean, you looked at the confidence of people who believe

in this market, believe in the stock market, think they're being treated fairly. people want to get out. what are people saying to you? >> a lot of people get out in 2008 and won't come back. the bull market is long in the two threat now. we are there. other people are very concerned. april and may there will be a correction. people are really concerned about on my show, and read about two days a week to it, how to earn higher interest rates, how to get that five top% interest. most people are unaware of how to do it. gerri: and going to move on to another topic. breaking news, and that thought it would be perfect for you guys. money market funds. this is a favorite tool of many investors, a place to park money . reconsider its liquid, accessible, a safe place to beat. the federal government is trying to make it even more accessible and safer. now, the industry is saying, all

right. if you want to change the rules on us, what we suggest is a 1% redemption fee. good idea or bad. >> first of all, let's talk about the real, core issue. the government does not want to be in the business of backing money market accounts. we talked about the value of about. when that broke that became a huge crisis. gerri: the entire economy. >> is not want to be in the business of packing money market funds. guys, if you're worried about redemption issues let's have a one, two, 3% commission in terms of prevention dollars. gerri: you call it a cushion. i call it padding your pocket with my money if i want to give my money out of this product really like. what do you say? >> two things. we have to define what a money-market account really is. a money-market account is a bank product that was backed by the fdic insurance. money-market funds are a

security. short-term bonds that fluctuate daily so there is a very different issue between these and he is absolutely right about the fact that the government does not want to be backing a potential issue that is going to crop up again in the next financial crisis. gerri: they contribute to the unravelling of the economy. how'd you come down on this? >> i'd like redemption fees and all. gerri: i don't like any fees. >> i know. with a money-market account, you're going backwards. that's the story. for all losing two, three, 4 percent three-year. that's what americans are really concerned about. gerri: the stock draw something happy, and doug e. 21st. >> but is not to love.

interest rates are at a 65 year low. banks lending money. yeah first-time homebuyers back in the market buying properties at 30 to 40% discount. strike across the country and it will continue to get stronger. everything we see in the economy right now as a result of homes being rebuilt, construction and low inventory, posit for real estate. gerri: what do you say? >> us talk about a little bit of reality. we spent roughly $30 trillion of bailing out homestall bailing out mortgages, bailing out banks . the housing recovery is good. driven by tons of artificial stimulants, taxpayer dollars. gerri: is it sustainable? >> it's not if you begin to take away, if they start to extract the ability to buy bonds and suppress interest rates, if interest rates move up. gerri: you're bursting my bubble. >> you will see a decline in

housing. it's just a function of reality. gerri: at big warrior saying is smart. >> i think all of the country property taxes and insurance are going up. you have to look at the ancillary costs. i don't believe we are coming a tough are in the recovery. a belief or at the bottom. maybe moving up. when i talk to reelers its tummy the buying has come from canadians to europeans and south americans gerri: they're everywhere. listen, you guys were fantastic. let's just keep this panel. they do for coming on. good job. we will be right back. ♪ ♪

[ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. whatever your business challenge, ♪

(train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer any questions and offer advice. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected.

a1 leon panetta had